Ratio submits Gal prospect findings to Petroleum Supervisor

Ratio Oil Exploration (1992) LP (TASE:RATI.L) and Israel Opportunity Energy Resources LP (TASE: ISOP.L) have submitted the final work report on its deepwater Gal permit to the Petroleum Supervisor. Gal is located near Leviathan, in which it owns 15%. The companies provisional permit expires on August 15.

Ratio owns 90% of Gal and Israel Opportunity owns 10%. The report includes the results of the 3D seismic survey of the structure, as well as preliminary investments and prospects for exploratory drilling to various strata.

Ratio said that it plans to apply for a license, including a marine operator, to Gal before the preliminary permit expires, and that it is considering bringing in partners to the application.

Under the Petroleum Law (5712-1952), Ratio is not required to publish the findings, because it has a provisional permit, not a license, for Gal.

Ratio's share price fell 4.1% by mid-afternoon today to NIS 0.402, giving a market cap of NIS 3.08 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2011